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11.11.2021 09:30 AMEUR/USD, H4 timeframe:
The price of the EUR/USD pair collapsed rapidly in the last section. The previous version with a converging horizontal triangle was broken. The decline means that the correction wave 4 was completed earlier in the form of a simple bullish zigzag [A]-[B]-[C]. After that, the price formed sub-waves [1] and [2].
Given that the market is forming the last part of the downward impulse, wave 5 can take the form of the final diagonal, in which the sub-waves [1], [3], and [5] are simple bearish zigzags.
Accordingly, the wave [3], which is now being formed, is also a zigzag and consists of sub-waves (A)-(B)-(C). The completion of this downward zigzag is expected at the level of 1.1393, after which the price may begin to form a small upward correction [4].
Moreover, considering that the market is not rich in news today, the formation of the initial part of the upward correction (B) after a decline to 1.1393 is quite likely.
An approximate scheme of possible future movement is indicated on the graph.
Trading recommendations:
It is recommended to open short positions from the current level of 1.1480, with the target of 1.1393.
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